September 20, 2007 / 7:48 AM / in 10 years

Nasdaq, Borse Dubai reach deal on OMX

<p>An OMX logo is seen atop a building near their headquarters in Stockholm, August 20, 2007. Two Swedish newspapers reported on Thursday that Nasdaq and state-run Borse Dubai are set to merge and take control of Nordic exchange group OMX. REUTERS/Bob Strong</p>

STOCKHOLM (Reuters) - Nasdaq (NDAQ.O) and state-run Borse Dubai unveiled a deal on Thursday to join forces and acquire Sweden’s OMX OMX.ST, ending a lengthy takeover battle for the Nordic exchange owner.

Under the complex agreement, Nasdaq will take Borse Dubai’s stake in OMX, Borse Dubai will end up with a 20 percent stake in Nasdaq and will also buy Nasdaq’s 28 percent holding in the London Stock Exchange (LSE.L).

Nasdaq would take a strategic stake in Dubai International Financial Exchange (DIFX), the firms added in a statement.

Borse Dubai will continue its 230 Swedish crown per share offer for OMX while Nasdaq will withdraw its cash-and-share bid under certain conditions.

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